Soon after the cameras were installed, some thieves stole a gift my brother had sent me. Thanks to license plate data and images of their faces, Vancouver PD had little trouble catching the perpetrators. It turned out that in addition to stealing Amazon/UPS/Fedex packages, they were stealing USPS mail and using it to commit identity theft. IIRC they ended up getting a decade in federal prison.
It seems like only a few people are responsible for the majority of thefts, so catching them and locking them up drastically improves quality of life for everyone else. Obviously this technology could be abused, but that's also true for things like fingerprinting, DNA evidence, and ID requirements. Similarly to those technologies, we could have laws restricting certain uses, allowing us to reduce crime while preventing abuses. But if a private community wants to install cameras and allow law enforcement to access the data they record, I don't see any constitutional issues.
You might be shocked to discover there are subdivisions so affluent they can afford physical armed security and access control structures with far more invasive identification and logging procedures.
Interestingly, a lot of ordinary "gated" communities aren't as exclusive as their misleading signage suggests. For example, there are a number of areas where the sidewalks are indeed public and right-of-ways but display says the area is "private" when it is not as evidenced by county GIS data. Jeff Gray runs into this often in Florida. It's similar to the bogus "no parking" signs and hiding of public right of way access that routinely happens in Malibu.